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Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 63 606 682 724 382
USD 29 60 206 160 910
EUR 11 12 115 387 620
JPY 3 370 000 000 000
corporate
TRY 556 88 976 705 263
USD 105 52 685 598 000
EUR 16 3 881 046 070
MYR 6 1 960 000 000
RON 2 105 000 000
JPY 2 1 900 000 000
AUD 1 15 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Akbank, 0% 19jun2019, TRY (35D) - Domestic bonds TRFAKBK619T2 0% 43 981 000  TRY 05/15/2019 06/19/2019
Akbank, 0% 19jun2019, TRY (35D) - Domestic bonds TRFAKBK619U0 0% 144 235 000  TRY 05/15/2019 06/19/2019
Akbank, 0% 9jul2019, TRY (55D) - Domestic bonds TRFAKBK71961 0% 40 760 000  TRY 05/15/2019 07/09/2019
Akbank, 0% 20aug2019, TRY (97D) - Domestic bonds TRFAKBK81929 0% 228 445 000  TRY 05/15/2019 08/20/2019
Akbank, 0% 21jun2019, TRY (38D) - Domestic bonds TRFAKBK619S4 0% 53 280 000  TRY 05/14/2019 06/21/2019
TF Varlik Kiralama, 23% 7aug2019, TRY - Domestic bonds TRDTFVK81914 23% 300 000 000  TRY 05/14/2019 08/07/2019
Garanti Bank, 0% 16jul2019, TRY (64D) - Domestic bonds TR0GRAN01285 0% 52 594 089  TRY 05/13/2019 07/16/2019
Garanti Bank, 0% 16jul2019, TRY (64D) - Domestic bonds TRFGRAN71936 0% 119 167 894  TRY 05/13/2019 07/16/2019
Garanti Finansal Kiralama, 0% 3jul2019, TRY (51D) - Domestic bonds TRFGRFK71915 0% 117 907 845  TRY 05/13/2019 07/03/2019
Turkey, Bills 13may2020 (364D) - Domestic bonds TRT130520T14 0% 7 153 000 000  TRY 05/13/2019 05/13/2020

BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10369] Turkish international bonds, USD bln 142.600 143.800 146.500 142.600 138.800 137.400 125.900
BIS new international bonds volume
[10567] International-bond net issue of Turkey, USD bln -0.500 -1.500 3.400 3.600 1.100 10.300 4.900

Domestic bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe domestic bonds outstanding volume
[13105] Turkey corporate bonds outst., USD bln 14.413 15.641 16.036 15.297 14.983 13.920 13.074
[13139] Turkey corporate bonds outst. (fin. sector), USD bln 12.782 13.845 14.130 13.551 13.283 12.171 11.456
[13173] Turkey corporate bonds outst. (non-fin. sector), USD bln 1.632 1.707 1.763 1.674 1.700 1.749 1.618
[12799] Turkey corporate bonds outst., EUR bln 12.858 13.784 14.104 13.298 11.639 12.409 11.750
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GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Eastern Europe)
[15411] Government Debt to GDP(Turkey) 28.30 28.30 27.50 33.50

Credit Default Swaps (CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
CDS Turkey
[23583] CDS Turkey 5Y   471.9600 475.3600 475.1700 479.3100 472.3200 481.4600
[11901] CDS 5Y Turkey mid 490 486   491 492 491 492
[13563] CDS 6M Turkey 357.5000 363.0300 377.9300 377.1300 384.5400 375.0300 381.0100
[13625] CDS 1Y Turkey 413.2100 426.4800 443.2300 442.6000 446.0600 435.3500 444.5100
[13687] CDS 2Y Turkey 464.8300 464.9600 473.8900 473.5000 477.4400 464.0700 472.9000
[13749] CDS 3Y Turkey 470.2100 470.1700 477.2400 476.9600 481.0300 469.4800 478.7400
[13811] CDS 4Y Turkey 470.9700 470.1200 474.7200 474.4900 478.6000 470.0000 477.7400
[13873] CDS 5Y Turkey 474.2700 471.9600 475.3600 475.1700 479.3100 472.3200 481.4600
[13935] CDS 7Y Turkey 479.6400 476.6800 481.9000 481.7500 485.8000 479.6600 484.7500
[13997] CDS 10Y Turkey 484.0000 480.5500 486.7300 486.6200 490.4300 485.9200 490.7300
[14059] CDS 15Y Turkey 479.0800 475.5100 481.9900 481.8900 485.4000 482.0100 486.4600
[14121] CDS 20Y Turkey 477.0400 473.4500 479.9800 479.8800 483.2300 480.3300 484.6000
[14183] CDS 30Y Turkey 475.3100 471.7500 478.2600 478.1600 481.3600 478.8600 482.9500
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[33] EMBI+ Turkey spread 264 266 258 257 254 255 255
[3119] EMBI Global Turkey 263 265 258 257 254 255 255
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe international bonds outstanding volume
[21145] International bonds of Turkey, USD bln 125.011 128.782 126.811 122.988 119.015 119.491 115.843
[21179] Corporate international bonds of Turkey, USD bln 51.742 53.993 51.317 51.004 50.506 51.185 49.206
[21213] Sovereign international bonds of Turkey, USD bln 73.269 74.788 75.494 71.984 68.509 68.306 66.638
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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Eastern Europe)
[15777] Inflation Rate (Turkey) 25.24 24.52 17.90 15.85 15.39 12.15 10.85
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Default probability (based on CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability Turkey (Interactive Data)
[20369] 6M Default Probability Turkey 2.7800 2.8300 2.9900 3.0000 3.0700 3.0100 3.0700
[20431] 1Y Default Probability Turkey 5.8900 6.0900 6.3700 6.3800 6.4400 6.3000 6.4500
[20493] 2Y Default Probability Turkey 12.3300 12.3400 12.6000 12.6100 12.7200 12.4000 12.6300
[20555] 3Y Default Probability Turkey 17.8700 17.8700 18.1400 18.1500 18.3000 17.9200 18.2500
[20617] 4Y Default Probability Turkey 22.9500 22.9100 23.1200 23.1200 23.3100 22.9800 23.3200
[20679] 5Y Default Probability Turkey 27.9000 27.7600 27.9300 27.9400 28.1600 27.8600 28.3300
[20741] 7Y Default Probability Turkey 36.9600 36.7600 37.1000 37.1100 37.3600 37.0500 37.3100
[20803] 10Y Default Probability Turkey 48.5200 48.2400 48.7300 48.7300 49.0000 48.7800 49.0700
[20865] 15Y Default Probability Turkey 62.2100 61.9100 62.4600 62.4600 62.7100 62.5800 62.8700
[20927] 20Y Default Probability Turkey 72.3000 72.0100 72.5400 72.5400 72.7600 72.6800 72.9400
[20989] 30Y Default Probability Turkey 85.1200 84.8900 85.3000 85.3000 85.4600 85.4300 85.6100
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New domestic bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe new domestic bonds volume
[13207] New issues of corporate bonds, Turkey, USD bln 3.169 3.694 3.442 3.302 3.512 3.121 2.691
[13241] New issues of corporate bonds, Turkey (fin. sector), USD bln 3.169 3.694 3.442 3.302 3.512 3.121 2.691
[13275] New issues of corporate bonds, Turkey (non-fin. sector), USD bln 0.044 0.127 0.300 0.119 0.035 0.095 0.034
[13003] New issues of corporate bonds, Turkey, EUR bln 2.815 3.270 3.038 2.769 3.080 2.737 2.339
[13037] New issues of corporate bonds, Turkey (fin. sector), EUR bln 2.777 3.158 2.773 2.672 3.050 2.660 2.309
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19625] Annual new issues of Turkey sovereign international bonds, USD bln 7.718 9.126 5.500 3.000 7.308
[19659] Annual new issues of Turkey corporate international bonds, USD bln 5.079 11.785 8.010 4.165 12.175
[19693] Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 3.779 10.559 7.185 3.311 10.223
[19727] Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.300 1.226 0.825 0.853 1.952

Euro-Cbonds Sovereign

Daily indices

Type: 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019 05/10/2019
Euro-Cbonds Sovereign Turkey
[9325] Euro-Cbonds Sovereign Turkey  135.05 134.56 134.27 133.65 133.52 132.41 132.80
[9327] Euro-Cbonds Sovereign Turkey PI 82.16 81.91 81.74 81.38 81.31 80.64 80.93
[9329] Euro-Cbonds Sovereign Turkey D 2 386.00 2 385.00 2 384.00 2 378.00 2 377.00 2 363.00 2 363.00
[9331] Euro-Cbonds Sovereign Turkey YTM 7.62 7.67 7.70 7.76 7.78 7.91 7.85
[9333] Euro-Cbonds Sovereign Turkey YTM eff 7.76 7.81 7.84 7.92 7.93 8.06 8.00
[22493] Euro-Cbonds Sovereign Turkey T-spread 520.29 527.43 530.69 540.11 539.86 554.52 543.51
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Risk Management Institute

Daily indices

Type: 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019 05/10/2019
RMI CVI - Europe
[10143] Turkey CVI value weighted  61.31 61.29 60.76 60.20 59.66 63.26 62.26
[10145] Turkey CVI tail  194.33 187.48 186.43 181.47 187.10 189.46 184.85
[10147] Turkey CVI equally weighted  54.06 54.04 53.83 53.18 53.01 55.38 54.34
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